SAINT-HYACINTHE, QC, April 6, 2017 /CNW Telbec/ - Stéphane Rochon, President and CEO, announced the financial results for 2016 at Humania Assurance's annual general meeting today.
"We have continued to shake up the status quo with a successful shift toward web-based services. With HuGO, a client can purchase coverage up to $1 million online without automatically being required to pass a test or medical exam. Decisions can now be made in under 15 minutes," said Mr. Rochon.
Throughout 2016, Humania Assurance Inc. was able to increase its presence outside of Québec markets, with 43% of individual insurance sales, including those of its subsidiary LS-Travel, primarily in Ontario and Western Canada. In addition, 40% of the company's sales were transacted online by independent advisors.
Gross revenues for Humania Assurance Inc. grew to a total of $157.2 million. The company reported $6.3 million in earnings before taxes in 2016, up 25% from last year. It posted net earnings of $4.6 million after taxes. The company's assets as at December 31, 2016, totalled $535 million, up $21 million from 2015. Meanwhile, the solvency ratio reached 239%.
In 2017, Humania Assurance Inc. will continue to build on its technological edge with its online HuGO platform (hugoinsurance.ca). It will fine tune the platform's artificial intelligence to further increase what are already very strong instant issue ratios. To capitalize on opportunities in the growing debt insurance market, including the mortgage sector, the company has already added optional disability coverage to its IWME product (withoutmedicalexam.ca), launched in March 2017. Lastly, while working to maintain its strong position in Québec, Humania Assurance will continue to pursue a growth strategy with a focus on the company's development throughout Canada.
Annual report online: ra.humania.ca
SOURCE Humania Assurance
For further information: Johanne Bélanger, Executive Assistant, Humania Assurance Inc., 1-877-554-7181, ext. 247, [email protected]